Global information and insights company, TransUnion, has partnered with South African financial marketplace, Fincheck, in a bid to make the credit application process easier and less frustrating for consumers.

According to information supplied by the companies, Fincheck “is able to make the process of finding the best-suited bank, lender or insurer seamless for consumers due to its deep understanding of the risk appetites of financial institutions.”

TransUnion helps provide a comprehensive picture of each applicant.

“By combining the strengths of TransUnion and Fincheck, Fincheck will be able to allocate the right lead to the right bank, lender or insurer – saving time for all parties,” the companies add.

Fincheck says it compares offers from over 80 of South Africa’s major banks, lenders and insurers, “allowing consumers to choose the most suitable and competitive form of finance - helping find credit to cover unexpected expenses or making ends meet, responsibly.”

Consumers are able to access a free TransUnion credit report on Fincheck.

“The TransUnion/Fincheck partnership will assist consumers in managing their finances, especially during these challenging times,” says Hans Zachar, director of emerging markets at TransUnion Africa. “By working with Fincheck we’re helping to increase financial awareness and access to credit.”

According to Fincheck, due to the COVID-19-induced economic squeeze, the company is seeing tremendous interest in consumers wanting to improve their credit scores.

The company says as the graph below indicates, there was increased demand for reports in January (2020) when consumers become concerned about their credit due to an increase in spending over the festive period. But then COVID-19 concerns kicked in later in the year and there was a steady increase in searches in May, June, July and August.

Source: Credit report searches via Fincheck.

“Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times. Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly. Ultimately, we aim to assist the user with their financial choices and move them toward financial freedom,” comments Michael Bowren, CEO of Fincheck.